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News Article - Red Diamond

Red diamond on sale for over $2.6m


October 30, 2006 06:52pm
Article from: AAP
A BRISBANE jeweller has bought a red diamond which he says is only one of only seven ever found in the world.

At 0.54 carats with a diameter of 5.13mm, the brilliant-cut diamond named "The Lady in Red" is not going to set any records for its carat weight.

It's not going to set any records in clarity, either, being rated as an I1, meaning it has inclusions or flaws visible to the naked eye.

But what it lacks in those respects, is more than made up for in colour, said Cameron Robinson, managing director of Bruce Robinson diamonds.

He bought the stone, mined in Western Australia's Kimberley region, as one of 65 in the 2006 Argyle Pink Diamond Tender, which is held by invitation only.

Less than one per cent of all the diamonds mined are classed as pink and the chances of finding a red stone have been estimated at one in 60 million, Mr Robinson said.

The purchase price will remain a secret, but it's for sale again.

"This is a very rare and unique diamond," he said.

"It started out as a 1.46 carat rough crystal and was cut back to a 54 point (0.54 carat) rough diamond."

"It's one of only seven ever found world wide and is exquisite, like a full-bodied red wine."

The last red diamond sold went for $980,000 a carat 20 years ago, he said.

But Mr Robinson dismissed suggestions a would-be red diamond owner without the cash could pass off a red cubic zirconia costing a few hundred dollars at most as the real thing. It wouldn't have the "bling".

"There is a case that could be built for the lustre of the diamond.

"The only thing in the world that has this adamantine lustre is the diamond."

Its inclusions would also mark it out as the genuine article, unlike the cz which was manufactured flawless.

Mr Robinson says he might part with it, if the price was right.

"It's not necessarily for sale but I am a bit of a (gemstone) tart and I have grown fond of this diamond.

"And at the end of the day, I am a jeweller still and all reasonable and serious offers will be considered."

Mr Robinson said he was prepared to look at offers over $US2 million ($2.6 million) and has had three offers already "over seven figures".

"We only talk US (dollars) when you get into this sort of material because diamonds in essence are an international currency.

"The Argyle tender is in US dollars for this reason."

The Lady in Red, accompanied by an "escort" of armed guards will be displayed in the window of Bruce Robinson jewellers in the inner Brisbane suburb of New Farm tomorrow.

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